Hong Kong's Budget Deficit - 2024-2025

[Mirindix]

Hong Kong is just slower as usual than Singapore. Income taxes have risen a ton since I lived there ten+ years ago (was topping out at 15% back then like here in HK).

Now:
Currently, the top marginal tax rate for a resident individual taxpayer in Singapore is 22% for chargeable income more than $320,000. From Year of Assessment 2024, the top marginal tax rate will be increased from 22% to 24%, to enhance the progressivity of personal income tax structure.

There is no income tax in Hong Kong...

[Mirindix]

patriots governing hong kong must also pay the patriotic tax rates along with all the other partriotic comrades. it's just a matter of time.

Raising existing taxes too much or complicating the outstanding simplicity of its successful schedular tax system would I think significantly impact HK's business model and uniqueness in the wider region... not very desirable by many if not most here

[newhkpr]

There is no income tax in Hong Kong...

Pedantry mate and you know it.

https://taxsummaries.pwc.com/hong-ko...ersonal-income

[Mirindix]

Pedantry mate and you know it.

https://taxsummaries.pwc.com/hong-ko...ersonal-income

Exactly, again HK has no income tax in the colloquial, all-encompassing sense of putting all income into one pot and taxing it (yes even with an elective personal assessment option)... one of the beauties of the system's outstanding simplicity and also an advantage over Singapore's more paperwork-heavy income (in its encompassing sense) tax system

[shri]

$170 shortfall in revenues or $100B deficit ...



https://www.fstb.gov.hk/en/treasury/...-the-hksar.htm

[shri]

Also this:



https://www.info.gov.hk/gia/general/...4112900191.htm

[Mr.Haggis]

so what's needed? more consumption vouchers?

[newhkpr]

so what's needed? more consumption vouchers?

More bakehouse stores and Pandas to attract the hordes to said stores.
Also tax egg tarts.

[hullexile]

Am I reading that correctly, deficit last financial year was 100B, deficit in the first seven months of this financial year is 163B? Is there normally a surplus in the second half of the year?

[East_coast]

Am I reading that correctly, deficit last financial year was 100B, deficit in the first seven months of this financial year is 163B? Is there normally a surplus in the second half of the year?

Not for quite some time.